Nigeria equities benchmark index pared 0.3% despite rise in transaction volume, value
Businessam Staff
July 5, 2017
The equities market extended the negative trend that has persisted since the start of the week to Wednesday’s session, despite increases in volume and value of transactions. At the close of trading, the bourse benchmark index lost 0.3 percent to close at 32,302.32 points while year-to-date (YTD) return retreated to 20.2 percent. Consequently, N36.7bn was […]
Nigeria national oil company data show production down 69% at new Lagos Aje oil field
Businessam StaffJuly 5, 2017
New data from Nigerian National Petroleum Corporation (NNPC), the oil production arm of Africa’s largest economy by gross domestic product, show that the country’s newest oil field at Aje, offshore Lagos, owned by Yinka Folawiyo Petroleum Company Limited, has seen production fall by as much as 69 percent in nine months. The production fell from […]
France to ban all future oil and gas exploration as it champions cleaner environment
Businessam StaffJuly 5, 2017
Though not among the world’s biggest producers of oil and gas, nor the biggest consumers, France is hoping to become an environmental pioneer with its decision not to issue any more oil and gas exploration licences, according to a World Economic Forum report. The announcement is coming a year after it passed a law reducing […]
Payment businesses in consolidation as Worldpay agrees $10 billion take-over deal from Vantiv
Businessam StaffJuly 5, 2017
*As tech startups pile pressure…. Worldpay Group, Britain’s largest payment processor, said in a statement Wednesday that it had agreed in principle to be bought over by U.S. credit card technology firm, Vantiv Inc in a deal valued at about $10 billion. The deal, if successful, would create a trans-Atlantic payments processing giant with a […]
Nigeria hires Microsoft, Oracle to recover from recession
Businessam StaffJuly 5, 2017
Nigeria is hiring U.S. technology giants such as Oracle Corp. and Microsoft Corp. as the government invests more to save costs and fight corruption. According to Bloomberg, an initiative led by Redwood, California-based Oracle has enabled Nigerian authorities to remove 50,000 so-called ghost workers, or fake entries, from the payroll, according to a presidency statement […]
Banking stocks in free-fall as bears rule to close Nigeria bourse 1.1% negative
Businessam StaffJuly 4, 2017
The negative trend in the Nigerian equities market continued Tuesday, recording a third consecutive trading loss as benchmark index fell 1.1 percent to close at 32,410.20 points. Year-to-date (YTD) gain further moderated to 20.6 percent. The poor performance was majorly due to price decline in NIGERIAN BREWERIES (-1.9 percent) as well as banking counters – […]
Global focused financial newspaper, Business a.m., sees digital edition record high Alexa rankings against FT, WSJ
Businessam StaffJuly 4, 2017
Nigeria’s new global focused financial newspaper, Business a.m., has seen its digital online edition, businessamlive.com, post impressive comparative indices on renowned world website ranking portal Alexa, less than 50 days after it began publishing in the second week of May, 2017. Comparative data from Alexa, obtained Tuesday, show that against two world renowned business […]
Nigeria’s debt rose steeply by 48% in 15 months on expansionary budget, deficit
Businessam StaffJuly 4, 2017
Figures released by Nigeria’s Debt Management Office (DMO) show that the country’s total national debt has risen steeply by as much as 48% in the last 15 months from N10.9 trillion as of year-end 2015 to N16.2 trillion in Q1:2017. Despite the stunning debt profile, government has not curtailed its borrowings, which some analysts say […]
Credit in short supply in Nigeria as private sector lending represent paltry 22% of GDP
Businessam StaffJuly 4, 2017
Though data from the Central Bank of Nigeria (CBN) highlight an increase of 19.4 percent in credit to the national economy year-on-year as at end 2016 (in naira terms) analysts say commercial banks credit extension to the private sector in Nigeria is low, representing a paltry 21.9 percent of GDP compared with 75.0 percent in […]
Oil prices dip as rally runs out of steam with investors booking profits
Businessam StaffJuly 4, 2017
*Analyst see prices averaging $54 in H2… Oil prices were lower on Tuesday as market players took profit after eight straight days of gains, its longest winning streak since February 2012. Crude prices received support from data last week that U.S. production may be moderating, but concerns over the global supply glut remain in the […]